A ₹1,000 penalty is charged for taxable income less than ₹5 lakh, and ₹5,000 is charged for taxable income exceeding that, but some get deadline extensions.
The deadline for filing Income Tax Return (ITR) for the financial year 2023-24 is Wednesday, July 31, 2024. Any filing that is done post this date will incur a penalty, which depends on the income level of the payer. However, there are some parties who can file their ITR even after the due date.
Who can file their Income Tax Return (ITR) after the due date of July 31?
Individuals and businesses requiring auditing
Individuals and businesses whose accounts require auditing can file their income taxes up to an extended deadline of October 31, 2024.
An extra three months is given to these people for convenience by the Income Tax Department to get their accounts audited by a recognised Chartered Accountant.
Businesses performing international transactions
Businesses which are involved in international transactions usually require extensive analysis and documentation when it comes to transfer pricing. They are thus, given an extended deadline for filing ITR, which is November 30.
Businesses performing certain specified domestic transactions
Businesses which are engaged in certain specified domestic transactions that requires detailed reporting and compliance processes may also qualify for a deadline extension.
What is the penalty for filing ITR late?
The penalty for late filing of ITR is determined using the taxable income.
For taxable income up to ₹5 lakh, the penalty is ₹1,000.
For taxable income over ₹5 lakh, the penalty is ₹5,000.
This penalty is separate from any interest that is to be paid on the amount of unpaid taxes.
For addressing confusions, the Income Tax Department provides 24/7 assistance through multiple channels for the taxpayer’s convenience.
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